Coca-Cola ups its share of smoothie brand

ATLANTA, April 9 (UPI) -- Coca-Cola said Friday it had increased its ownership of British smoothie producer Fresh Trading Ltd. to 58 percent of the company.

Coca-Cola purchased 18 percent of the company -- makers of smoothie brand Innocent Drinks -- a year ago for $46 million. The company at the time was valued at about $460 million. Terms of Friday's deal were not disclosed, The Wall Street Journal reported.

Fresh Trading was formed 11 years ago and has built its reputation as a small company that produces drinks with all-natural ingredients and gives 10 percent of its profits each year to charity.

Richard Reed, one of three company founders, said, "It's been a good 12 months for Innocent -- our sales are up. We've grown our business in Europe, and Coke has been the hands-off investor they promised to be," The Times of London reported.

An early investor, Maurice Pinto, "is now 76 and wants to retire," Reed said. "We're really happy for him."

Coca-Cola said the company that now employs 220 people had "long-term growth potential."

United Press International is a leading provider of news, photos and information to millions of readers around the globe via UPI.com and its licensing services.

With a history of reliable reporting dating back to 1907, today’s UPI is a credible source for the most important stories of the day, continually updated - a one-stop site for U.S. and world news, as well as entertainment, trends, science, health and stunning photography. UPI also provides insightful reports on key topics of geopolitical importance, including energy and security.

A Spanish version of the site reaches millions of readers in Latin America and beyond.

UPI was founded in 1907 by E.W. Scripps as the United Press (UP). It became known as UPI when after a merger with the International News Service in 1958, which was founded in 1909 by William Randolph Hearst. Today, UPI is owned by News World Communications.